House clears USMCA trade deal

  • In a vote 385-41, the U.S. House of Representatives overwhelmingly approved legislation to implement USMCA (a trade deal that includes tougher labor and auto content rules, but leaves $1.2T in annual trade flows largely unchanged).
  • U.S. Treasury Secretary Steven Mnuchin expects the agreement to add 0.5% to U.S. GDP growth, though others are more skeptical.
  • According to the Congressional Budget Office, automakers will take a nearly $3B hit over the next ten years due to the agreement.
  • ETFs: EWW, EWC, FXC, MXF, MXE, MEXX, BBCA, EWCS, HEWW, QCAN, FCAN, HEWC, FLMX, FLCA, ZCAN

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